Consumers remain cautious about purchasing big-ticket items such as appliances, motor vehicles, or property, according to the Bangko Sentral ng Pilipinas’ Consumer Expectations Survey for the second quarter of 2023.
The survey reveals that consumers hold a pessimistic outlook regarding the purchase of big-ticket items both in the current quarter and over the next 12 months.
Just 16.1% of the respondents found the second quarter favorable for big-ticket purchases, with optimism declining to 5% for the next 12 months.
Notably, 22.3% of respondents saw the current quarter as an opportune time to buy a house and lot, surpassing sentiments on motor vehicles (12.4%) and consumer durables/appliances (12.8%).These findings suggest a varied perspective among consumers regarding the timing of major purchases.
Given the unfavorable sentiment among a small percentage of respondents, it’s unsurprising that a larger portion of consumers have no immediate plans to make big-ticket purchases.
Looking ahead, a mere 5% of households believe the next 12 months will present a favorable opportunity for such acquisitions.
Notably, a greater number of households expressed no intentions to buy consumer durables, motor vehicles, or house and lots compared to those who are actively planning to make these purchases.
Among those intending to buy a house, 55.6% showed a preference for single detached properties, while 15.5% favored residential lots.